​Week starts in positive territory as oil price rises for a while

by Jamie Henry29 Dec 2014

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​Week starts in positive territory as oil price rises for a while

The price of oil started the day higher as concern grew over supply from Libya. Unrest in the OPEC member state spilled over into an oil depot with 800,000 barrels going up in smoke. The markets in Asia and Europe reacted as the oil price rose and that sentiment led to gains in New York and on the Toronto Stock Exchange. By midday the concern had died down with consensus that low supply from Libya would do little to affect overall oil stocks. The oil sector gained more than 1 per cent though and metals and mining were also leading TSX gains.

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